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There is a boom in offshore accounting jobs in India with remote working becomes the new normal. Indian professionals in various levels of their CA qualifications can now get a chance to join global accounting firms.
An unlikely impact of the COVID-19 pandemic has been that accounting jobs that might require a physical presence within the workplace are now going offshore.
Consultants are now seeing offshore accounting jobs come to India with remote working becoming the new normal. this is able to mean that entry-level chartered accountants who have cleared CA Intermediate or second level of the examination could become eligible for applying for these roles.
Shalin Parikh, President, and CEO of Integrity Group said that accounting firms would have high levels of client confidentiality and remote offshore roles wouldn't are a preferred option earlier. But this stigma was removed amid the pandemic.
Integrity Group is an offshore staffing solutions provider to quite 550 accounting and tax firms situated across us and Canada.
"It remains initial days but the numbers are slowly growing. The stigma around building offshore accounting firms goes away. The pandemic has helped make the shift," Parikh added.
The companies that are hiring include large, mid-sized, and little companies, especially from markets just like the US and Canada.
India features a good talent pool within the accounting space. When it involves CA Inter, on the brink of 3,500 passes the Group I exam per annum. About 5,400 pass Group II. Both groups put together, about 1,200 clear the exam.
Delhi-based hiring consultant Gizelle Lobo told Moneycontrol that while there are always job roles open for qualified CA professionals, the pandemic has forced companies to travel cautiously.
"While CAs would be considered the crème de la crème in India, not most are hiring. So, offshore accounting jobs are an honest fit for such candidates," she added.
The pass percentage for the CA exam conducted by ICAI is on the brink of 10 percent making it the toughest examination within the country. per annum, about 4.50 lakh candidates give the examination.
Considering the talent pool available in India with this qualification, global accounting firms are now eyeing candidates from this market.
Parikh explained that for the mid-sized and little international firms, it's not feasible to line up a physical presence in India.
"These firms do not have the time to line up offices in India to access the worldwide talent pool. So, the structure of offshore jobs work well for them," he added.
For Indian candidates, the sole thing to recollect is that while salaries would be at par with the Indian firms or maybe better, there might be time-zone differences.
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For instance, if you're employed with a US-based company, you'll be required to follow their zone which could impact your work-life balance.
As cloud technology is being strengthened to guard data theft and cybersecurity, Parikh added that more companies are going to be hospitable hiring remotely.
"We have just scratched the surface for offshore accounting roles. The market will boom over subsequent few years," he added.